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The Portuguese Consumer Watchdog wants Bitcoin investors to be taxed

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At a time when the cryptocurrency ecosystem is undergoing a major correction while bitcoin drops under the $ 10,000 mark wants the government to tax cryptocurrency investors. According to the local publication Sábado, the organization sent a proposal to the Ministry of Finance and the European Commissioner for Consumer Protection to tax the cryptocurrency gains.

According to the publication, DECO claims that a standard tax of 28% should be applied to commercial cryptocurrency profits, as the same 28% tax is applied to profits earned on inventories and other financial instruments. DECO revealed the move in an edition of its magazine "Proteste Investe", aimed at traditional investors.

According to the organization, it is unfair that traditional investors have to hand over a third of their profits, while cryptocurrency investors have nothing to pay. His piece reads (translated approximately):

"What is the argument for not taxing this type of financial transaction? A small saver who lends his savings to the state (via savings certificates) or who invests in equities and creates wealth and employment sees the government keeping close to a third of the profits (income and capital gains are generally taxed at 28%). we justify this tax inequality? It is difficult. "

André Gouveia, economist at DECO, reiterated that any other type of investment is subject to a tax of 28% and that, therefore, his unfair cryptomania remain exempt.

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As previously covered by CCN, Portugal is a country in which the government wants to tax the users of bitcoin, despite the lack of regulation. The finance ministry has clarified that bitcoin has no legal framework in the country, and yet it claims that cryptocurrency revenues are taxable if they are earned as a result of a professional activity.

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According to Mr Sábado, the government is currently maintaining potential bitcoin regulations in the hands of the European Union (EU). The government seems to let financial regulators, such as the country's central bank, handle all cryptocurrency-related issues, as well as the EU.

When questioned, the vice-chairman of the PS parliamentary group and party spokesman João Galamba said that "bitcoin should be regulated at European and G20 level", adding that it would be counterproductive to create "isolated initiatives".

Sábado also spoke to left and right parties. The leftist parties said they did not plan to do anything about cryptocurrencies, while right-wing parties said they were closely following the topic, with one party adding that "it's all about it." it assessed the need for potential regulations.

As covered by CCN, the Portuguese bank Santander Totta recently started blocking bitcoin transactions, a move that saw some of its customers switch banks. As stated, the Finance Minister and President of the Eurogroup, Mário Centeno, said that he was convinced that regulators are monitoring the impact of bitcoin.

Image from Shutterstock to photo

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